Shenzhen Development Bank to Raise Capital

By

Rick Carew

Updated June 29, 2006 12:01 a.m. ET

BEIJING -- Shenzhen Development Bank Co. plans to raise capital through a private placement of shares and the issuance of debt so it can restart expansion, Frank Newman, the bank's chairman, said in an interview.

Shenzhen Development Bank, the only Chinese bank run by foreign investors, is controlled by U.S. private-equity firm Newbridge Capital Inc., which bought a 17.89% stake in late 2004. Its foreign management faces a challenge...